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FXTM says Ringgit keeping up momentum

Cyprus-based ForexTime Ltd (FXTM) the ringgit has continued uptrend as investors are seen buying on the local currency last week following the US dollar-ringgit moving slightly lower towards 4.4045.

FXTM vice president of corporate development and market research Jameel Ahmad said the ringgit strength could be attributed to the weakness of the US dollar.

This despite thin liquidity across financial trading with most international markets closed for the Easter Holiday break.

He said there is a combination of different reasons behind why the Dollar is seeing signs of weakness with just one of them being a repeat of previous comments from President Trump late last week around the dollar being too strong.

“Aside from citing his dissatisfaction with the Dollar valuation, there is a great deal of surprise over President Trump making a drastic U-turn when it came to unexpectedly supporting low interest rate policy in the United States,” he said yesterday.

Trump’s sudden turn of actions was a sharp contrast to his previous views and although it most probably won’t change the thinking of the US Federal Reserve, Jameel said.

This had supported the bond markets and likely helped increase attraction towards Malaysia with the nation being known in the past to attract foreign buyers.

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